We were challenged by the Money Advice Service to share with you our advice for saving money on household essentials. My biggest tip for saving money is that you have to get all the family on board. There is nothing worse than feeling as though you are the only one making an effort. Plus it is a great learning experience for children.
Growing up my parents always made sure that we tackled money saving as a family and it was a great life lesson. So I have done this with the boys as they have grown up too. I am not saying that it always works. In fact, I have one child that is a saver and one that is a spender but I do want them to understand the value of money.
Teaching Children how to Save Money on Everyday Essentials
Set a target and make a chart – After Christmas, we usually make a concerted effort to reduce costs and save and we have a chart and put the money aside for a family day out. It is a great way to incentive children to save and join in.
Explain why you are doing it – Once your children are old enough to understand then explain to them why you are trying to save. We have recently had a conversation about inflation and wage increases. We also explain that if we can save on the everyday essentials then we have more money for treats.
Get them involved – Don’t just tell them what to do, get them to help with the calculations and planning. Maxi is ace when we are at the supermarket working out which size is better value. If there are younger then explain that you write a list to make sure you do not overspend and get them to tick off the list.
Make it worth their while – A fab example of this is the ice cream van. I pointed out to the boys that we got 4 cones in a supermarket for the price of one from the ice cream van, so I make sure that we have them in the freezer and they get to choose the next flavour.
Make it visual – We have recently got a smart meter installed and my boys are obsessed with checking how much we are spending and turning off lights! Demonstrating how much you can save by buying a larger fabric condition worked well for me.